Nabi Biopharmaceuticals has approved the repurchase of up to $65 million of the company's outstanding common shares in the open market or in privately negotiated transactions. The company said its pursuing the action in order to benefit shareholders.
What else is it doing to benefit shareholders? Exploring strategic alternatives, according to a release. "These future alternatives may include, but are not limited to, licensing or development arrangements; joint ventures or strategic alliances; the sale or merger of all or part of the company; and additional share repurchase programs or other distributions to our shareholders." Earlier this week the drug developer closed a $185 million sale of its biologics unit to Biotest. Times have been turbulent at Nabi. This year er the company cut 33 jobs and CEO Thomas McLain resigned shortly after reportedly working out a deal to accommodate a hedge fund investor that had been harshly critical of his performance.
- see Nabi's release